Ningbo-based nickel behemoth rides BRI wave

Lygend Resources & Technology Co Ltd, based in Ningbo, Zhejiang province, has signed a contract worth $1.2 billion with PT Trimegah Bangun Persada Tbk to develop a nickel-cobalt project in Indonesia.

The agreement was announced at the entrepreneurs' conference during the third Belt and Road Forum for International Cooperation in Beijing on Oct 18.

The project, which will be located on Obi Island, Indonesia, is set to build three production lines for a high-pressure acid leaching process to treat low to medium-grade laterite nickel ores. The project will have an annual production capacity of around 65,000 metric tons of nickel metal.

The entrepreneurs' conference, which was one of the forum's largest activities, saw over 1,200 attendees, with an equal representation of domestic and international participants. Representatives from 82 countries and regions, including over 20 foreign minister-level officials, 33 foreign chamber of commerce leaders, and 59 Fortune 500 company representatives, were present.

During the event, nearly 300 Chinese and foreign delegates signed various cooperation agreements, covering sectors such as infrastructure, clean energy, artificial intelligence, biomedicine, financial services, modern agriculture, and rail transportation. This year's conference surpassed the previous edition in terms of the number of projects, countries involved, and contract amount.

Cai Jianyong, chairman of Lygend Resources & Technology Co Ltd, expressed the significance of strengthening regional cooperation with countries participating in the Belt and Road Initiative for global economic development, especially in the current context of slow economic recovery worldwide.

Lygend, as a company involved in the entire nickel industry chain, has effectively taken advantage of opportunities, such as the Belt and Road Initiative and the implementation of the Regional Comprehensive Economic Partnership (RCEP), to enhance international cooperation. The company has successfully achieved vertical integration in the nickel industrial chain by expanding its reach upstream and downstream in the industry. It is currently a leader in the global trade of traditional nickel products and has transitioned to the production of nickel-cobalt materials, rapidly increasing its market share. Its products are widely used in downstream sectors like new energy vehicles and stainless steel.